Congresswoman Heather Wilson, First Congressional District of New Mexico
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| Wilson Introduces Bill to Hold Corrupt CEOs Accountable |
October 08, 2002 |
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| Bill would close loophole and require CEOs to pay restitution to victims
Washington, DC - Congresswoman Heather Wilson introduced a bill today in the House of Representatives that will prevent corporate officers who have defrauded their companies from being able to discharge their debts by declaring bankruptcy. The Mandatory Restitution for Corporate Abuses Act of 2002 clarifies an ambiguity in federal criminal law and directs federal judges to order restitution for victims of certain offenses such as wire fraud, mail fraud, and securities fraud. The bill will also add state court restitution orders to the list of debts codified in federal bankruptcy law that cannot be discharged by declaring bankruptcy, which means that a perpetrator cannot get out of paying restitution to his or her victims.
“Some corrupt corporate officers have tried to work around the system, but with this bill we are going to tighten down some of the rules of the system to make sure that they pay for what they’ve done,” said Wilson. “We need to work to help victims of white collar crime recoup their losses and restore America’s confidence in business and the overall economy.”
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